Sunday, July 22, 2007

BSR to develop projects in Kazakhstan, Romania

Real estate developer chosen to head projects in Alma-Ata, Bucharest estimated at $898 million. Company exploring future deals in Russia, the Ukraine

Golan Hazani

The BSR Group is on the verge of signing two development deals in Kazakhstan and Romania, Yedioth Ahronot revealed Sunday. The company was chosen by a real estate developer in Alma-Ata, the capital of Kazakhstan, to build a luxury residential complex in one of the city's prime locations. The complex is said to include thousands of condominiums, a hotel and several commercial buildings, and is estimated at $425 million. BSR is expected to profit some $106 million from this deal. The company is also negotiating a partnership in a Bucharest project, said to include 3,000-4,000 residential units and estimated at $473 million.

The Kazakhstan and Bucharest projects – which have the combined worth of some $898 million – near BSR's other five endeavors in Poland, Latvia, Slovakia, Bulgaria and Romania – which were sold to Africa Israel. BSR stock is traded in the Tel Aviv stock exchange for $10.88. The company is currently looking into development deals in Russia and the Ukraine.

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